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The Allendale Wake-Up Call

RSS By: Paul Georgy, AgWeb.com

Paul Georgy serves as president/CEO of Allendale, Inc., a worldwide agricultural advisory and research firm that provides agricultural commodity price research and risk management alternatives for producers, major food companies, international corporations, foreign governments, and major news vendors.
 

Can Cool Temps Relieve Crop Stress?

Jul 24, 2013

Good Morning! Paul Georgy with early morning comments for July 24, 2013 at 5:00 am. Grain futures are steady to higher in a quiet session overnight. Short covering and spreading seem to be the major focus. The weather bull’s horns have been clipped by the unexpected rains yesterday and the forecast for cooler temps over the next 10 days to 2 weeks. Unless heat shows up again without any moisture, the next stage in the 2013 weather market will be the talk of early frost. Near-term traders are looking at the technical action on Tuesday as bearish. The outside day down in soybeans and key support being taken out in corn increases the potential for more selling pressure. December corn now has resistance at 4.90 and support at 4.66. November soybeans support will be watched closely at 12.50. Wheat market has been a momentum follower in recent weeks as harvest is progressing rapidly. The hard red spring wheat tour started on Tuesday and will release the results of their findings on Thursday afternoon. China releasing 3 mmt of soybeans out of 2010 reserve is similar to what they had done last year. The RFS hearings are going on in Washington this week. Option expiration for the August contracts is Friday. Yesterday’s sell-off in futures has triggered some farmer movement of corn and soybeans. Traders will be watching to see if yesterday was the turning point in eliminating some of the old crop cash premium for corn and soybeans. Those wanting to take protection in soybeans should give your Allendale representative a call today. Livestock markets struggle to rally when meat prices trend lower. Boxed beef was lower with choice down 2.64 and select was down 1.70. Pork cutout values Tuesday morning were suggesting a turnaround in the declining demand, however, by afternoon prices were down .02 on 409 loads. Chart resistance is being tested in cattle and hogs but without a sign of improving demand traders are tentative about buying strength. Sign up for the Allendale Advisory Report TODAY!

Markets as of 5:00 AM

  • Dec Corn + 1/4
  • Nov Beans +5 1/4
  • Sep Wheat +1 1/4
  • Aug Cattle -.05
  • Aug Hogs -.35
  • Sep Dlr +.13
  • Sep S&P +2.25
  • Sep Crude -.13
  • Aug Gold +5.00

 

View Today’s Chart of the Day

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